First time home buyers in Montgomery County MD can qualify for a $8000 tax credit - check with your tax preparer for details. A bill has been signed that extends the $8,000 tax credit for first-time homebuyers until April of 2010, but also expands the stimulus to include a $6,500 tax credit for current owners who purchase a home. The credit for current owners has some important stipulations. The homebuyer tax credit provisions, included as part of the new Unemployment Insurance Law, open the door for more Americans to get in on the tax breaks.
Among the changes included in the tax credit extension, income eligibility has been increased to include singles making up to $125,000 per year and married couples making up to $225,000 per year. You can use the credit only for homes that cost less than $800,000. Purchasers must now attach documentation of their purchases to their tax returns. The tax credit, combined with historically low interest rates, mean a once in a lifetime opportunity that will probably not come again. Please call our office at 301-294-3000 to find out how to get started on your way to home ownership. The National Association of Home Builders, NAHB, has a very informative website: http://www.federalhousingtaxcredit.com |